The new chairman of the Securities and Exchange Organization (SEO) says he will throw his support behind stock market traders and activists in a bid to reinvigorate the first market.
In his first remarks after taking the helm of the SEO, Mohammad Fetanatfard said that he will soon announce a comprehensive plan aimed at getting the equity market back on track, IRNA reported Wednesday. Pointing to the unprecedented downtrend at the stock market, the newly appointed SEO chairman pledged to tackle the market’s present challenges and bring back stability to the equity market.
Given the key role of the stock market to supply money for industrial sectors in the long run, Ali Tayebnia, Iranian minister of economic affairs and finance also told IRNA that the government is strongly committed to helping the capital market to undertake its main obligation, which is to provide financial support for the industries. “We want the bolstering of the secondary market to be put on the agenda of the new SEO management.”
Tayebnia further stressed that the administration is precisely analyzing the Tehran Stock Exchange (TSE)’s weak points so as to come up with incentives as a stimulus to give impetus to market and also to the investors who look for convincing signs to to pour their cash into the equity market.
“The plan is to help the listed firms to meet their expectations on earnings, and even persuade them to shift focus to high-yielding companies, while strengthening the equity market to the point where it can erase recent losses,” Tayebnia said.
